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Tax rates St. Maarten among world’s highest

St. Maarten – A KMPG-survey shows that the tax rates in St. Maarten are among the highest in the world. In a field of the top forty countries with the highest rates, St. Maarten takes the number 10 spot for incomes of $100,000 and the thirteenth spot for incomes of $300,000.

KPMG examined the effective income tax rate and the percentage workers pay in social premiums.
For incomes of $100,000 the tax man hits people in Belgium the hardest with an income tax of 33.9 percent and 13.1 percent in social premiums,. Greece is second (with 30 percent income tax and 16.5 percent social premiums, while Croatia ranks third with 28.8 and 19.5 percent respectively. Curacao follows in seventh place with 38.6 percent income tax and 3.4 percent in social premiums. St. Maarten closes off the top-10 with 37.4 percent income tax and 3.1 percent in social premiums.

For the higher incomes ($300,000), Curacao, Aruba and St. Maarten are ranked 11, 12 and 13 in a field of forty countries with the highest tax rates. France tops tips list with 34 percent income tax and 20 percent social premiums, followed by Belgium (40.3 and 13.1 percent) and Italy (41,.8 and 10 percent). The Netherlands claims spot number 8 with an effective income tax rate for these earners of 44.2 percent and 3.9 percent social premiums.